Small businesses are being started at a record rate. If you are interested in starting a business in Canada, Small Business BC recommends the following 12 steps to get your business off in the right direction:

  1. Develop a business plan.
  2. Conduct extensive market research.
  3. Establish where you will get your financing from.
  4. Decide which business structure you will use: sole proprietorship, partnership or corporation.
  5. Submit your Business Name Request (NR) for approval.
  6. Register your business.
  7. Open a bank account for your business.
  8. Reserve a domain name.
  9. Open the required accounts – payroll, import/export, GST/HST – with Canada Revenue under your Business Number (BN).
  10. Apply for a business licence with your local authority.
  11. Understand if there are any other licences that apply to your type of business.
  12. Protect your business with the appropriate insurance.